2016 NEWS

Val-d’Or, Québec – October 3, 2016 – Golden Valley Mines Ltd. (“Golden Valley” or the
“Company”) (TSX-V:GZZ) announces that, subject to acceptance by the TSX Venture Exchange and
with the intent of preserving its cash resources for operations, it proposes issuing approximately 148,603
common shares at a deemed per share price of $0.35 in settlement of an aggregate of $52,011.05 in
accrued director fees covering the period July 1, 2015 to June 30, 2016. Shares proposed to be issued by
Golden Valley in settlement of the debt will be issued at a deemed per share price of $0.35 in accordance
with the policies of the TSX Venture Exchange and will be subject to a hold period of four months and
one day from the date of issuance in accordance with applicable securities legislation.

Golden Valley also announces that its Board of Directors has granted incentive stock options to its
directors, officers, employees and consultants entitling the purchase of an aggregate 9,305,934 common
shares of Golden Valley at a per share price of $0.35 until September 30, 2026.

This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.